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The crypto market is showing a sign of a comeback. Most crypto prices are up over 3% in the past 24 hours. Bitcoin specifically managed to break the price from $19,000 and was up more than 5% over the same period. However, some analysts fear that a dump will happen soon. Why is Bitcoin in place? Will a 20K Bitcoin price be coming soon? What’s next for Bitcoin?
Why is Bitcoin in place?
The crypto market bottomed in mid-December and prices started to consolidate. In 2023 however, prices have started to recover slowly but surely. Bitcoin prices consolidated around 17K and started their upward trend ever since. Bitcoin managed to reach the current price of $19,300.
2022 has been a bearish year and prices have fallen significantly. A higher price adjustment was overdue, and 2023 is already shaping up to be a promising year. In a previous article, we explained how Bitcoin established an uptrend and how prices will target the 19K-20K price zone.
Fig.1 BTC/USD 1-day chart showing rising Bitcoin price trend
It is currently evident that Bitcoin is capable of reaching 20K. If we look at Figure 2 below, we can see how the 20K price was previously strong support for Bitcoin. However, this could turn into resistance today, and Bitcoin could retrace lower after hitting this zone.
Fig.2 BTC/USD 1 week chart showing important price zone for Bitcoin – GoCharting Is it GOOD to buy Bitcoin now?
Well, the short answer to that question is no. Bitcoin hitting 20K, as previously discussed, could just mean a lower retracement. The 20K price zone could act as a strong resistance. If you buy Bitcoin now, you will lose money when prices fall.
This is why it may be a good idea to wait for Bitcoin to settle above 20K and check the crypto price momentum in general. Only then should you think about buying Bitcoin. Of course, you will have to check the technical details in order to choose an entry point. Make sure you follow the rules to become a successful trader.
Fig.3 BTC/USD 1-day chart showing Bitcoin buy zone – GoChartingCryptoTicker offer
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